Bitcoin Price Update: Bullish Sentiment But Still On A ‘Wait And See’ Attitude

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As Bitcoin Dominance Stalls, Analysts Ponder On The Next Level For Alts
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Bitcoin has recorded fresh gains coming into the new week. The new injection revives many investor’s wishes to get back above $10K. Last week prices plunged, seeing the asset wipe out more than 6% of its value to drop below $9,500.

By doing so, the asset broke two crucial supports, $10K and $9,500. Fortunately, before the asset could fall as far as $9K, the asset found support above $9,400. This was followed by a bounce-back above $9,500.

During the weekend, Bitcoin recorded marginal gains that further saw it climb above $9,600. At the time of press, the asset is still green and looking more purposeful. The asset has recorded a 2% rise and successfully climbed above $9,700.

The start of a new week most often sees new gains for the market and though Bitcoin has taken a slow approach, we could see this dramatic change in the next few hours or days.

Bitcoin Targets $10K As Altcoins Also Record Recovery

Although Bitcoin’s dominance is above 69.5%, altcoins are not being left out. Several altcoins are recording marginal gains. Ethereum, for example, has managed to climb above $170 after dropping to $168 by the end of last week.

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Others like Bitcoin Cash, Bitcoin SV and Monero are recording higher gains of up to 5%.  If this pattern persists, it could mark the return of the altseason and could further see some of the altcoins climb closer to their all-time highs.

While most investors remain optimistic that prices will recover from last week’s drop there is a sense of hesitation. Most analysts have been calling the recent drop a buying opportunity, but are investors really buying? Daily trading volume has been dropping to as low as $10 billion for Bitcoin and at the time of press is just above $11 billion.

This is a sign of exhaustion from the investors and while they are not selling as they believe prices will get above $10K, there is a sense of a ‘wait and see’ attitude in the market.

If this is going to change, there needs to be a catalyst. The U.S-China trade war is a prime candidate for this especially given the new month sees new tariffs take effect. In the days to come, the Bakkt futures contract launch could also offer a huge boost as institutional investors join in.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.